Question What do you think would be ASICs principal claim against Superman Limited?
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What do you think would be ASICs principal claim against Superman Limited?
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- BUSINESS LAW BUSS2422 Akram posted the offer letter on 2 October 2020 to Salam to sell his Honda City for RM50 000 to be accepted by 10 October 2020. On 4 October 2020 Akram posted another letter to revoke his proposal. The revocation letter reached Salam on 9 October 2020. On 8 October 2020, Salam posted his acceptance letter accepting the proposal. Based on the facts above: (a) Advise Salam as to his legal rights against Akram in relation to the agreement. (b) Explain if your answer would be different if Salam posted the letter of acceptance after the letter of revocation reached him. Support your answer with relevant statutory provisions of the Contracts Act 1950 and decided cases. Format: Times New Roman 12 1% spacing Front cover - Standard Format Number of pages - Minimum 3 pages, maximum 5 pagesXavier purchased a condominium unit at Atmos Towers in January 2018 for P 3,000,000. In the agreement, Xavier will pay a 20% downpayment and thereafter pay a monthly installment fee of P 65,000 for 60 months. In June 2020, or after paying 29 monthly installments, Xavier failed to pay his obligations because his fast-food business went bankrupt due to the pandemic. (a) What are the rights of Xavier under the Maceda Law? (b) In the above case, how much is the cash surrender value that must be returned to Xavier in case he fails to pay after the grace period?Fiona, Celine and Donna have recently commenced a business together making custard pies using the name 'FCD's Custard Pies' as their trading name. They also sell coffee and soft drinks. Only Donna has put capital into the business, and no formal agreement exists between them. However, on many occasions Fiona has purchased stock for the business from their various suppliers by using her own money, and she has also set up an account with the suppliers in the name of 'FCD's Custard Pies'. Celine also has often placed orders on behalf of the business with their various suppliers for stock. 00:0 At their next meeting Fiona suggests selling alcoholic beverages. Donna likes the idea, but Celine does not. Celine says that such a change would require renovation of the shop, and also obtaining a licence to sell alcohol. This requires an application to the relevant government authority, which may reject the application. After giving it lots of thought, Donna decides to leave the business in two…
- C&D Services contracts with Ace Concessions, Inc. to provide service for Ace’s vending machines. A few months later, C &D wants to sell out to Dean Vending Services, and assign its contract with Ace Concessions to Dean. Can C&D assign the contract without Ace Concessions consent? What will C&D’s risk be in the assignment?Samantha signs a contract to buy a brand-new unit in Kogarah. The contract is subject to an extended settlement period of 120 days. Samantha, through her solicitor, transfers the 10% deposit to the vendor’s solicitor and then speaks with her mortgage broker about obtaining a loan. While all this is going on, Samantha sells her own unit in Oatley. She intends to use the money realised from the sale of the Oatley unit to pay the balance of the purchase price of the Kogarah unit. A problem arises when Samantha’s unit does not sell by the expected date. Samantha needed to secure short-term finance at an almost exorbitant interest rate just so she can buy the Kogarah unit. Samantha consults her solicitor, who advises her that she can sue the buyer of her Oatley unit for breach of contract and ask for damages including the additional interest charges she incurred. Is Samantha’s solicitor correct? Explain your answer.Jasper Bakery Limited signed a purchase order to buy 50 kg of butter from a farmer over the next month at a fixed price. The butter is of exceptional quality and will be used in baked goods that will be sold in the bakery. Define the term “executory contract.” Is the contract to buy the butter an executory contract? Explain.
- Together We Stand is an organisation that owns land in Soweto. They accidentally accept an offer submitted by Bongani to purchase Erf 231 in Soweto when in fact, they had instead intended to accept the tender which was submitted by Vusi to purchase the erf directly next door, Erf 233. Bongani is unaware of the mistake made by Together We Stand.Together We Will stand cannot be held liable in terms of the contract with Bongani as the mistake was a material one. Write a legal opinion in which you critically analyse the correctness of the above underlined statement.Toby's Doggie Hotel enters into a contract with ABC Marketing to purchase 100 orange frisbees for $300.00. Toby's Doggie Hotel repudiates the contract and ABC later resells the frisbees to someone else for $250.00. a. ABC is not entitled to recover from Toby's Doggie Hotel b. ABC is entitled to recover $50.00 from Toby's Doggie Hotel c. ABC is entitled to recover $250.00 from Toby's Doggie Hotel d. ABC is entitled to recover $300.00 from Toby's Doggie HotelBuyer Beatrice has entered into an exclusive buyer single agency agreement with Broker Nate. The agreement states that the broker will first look to the seller for payment of earned commission via the cooperating broker arrangement as published in the listing for the property on the local MLS. On one hand, Beatrice is glad that she probably won't have to pay the broker's fee, but on the other hand, she's worried that if Nate is being paid by the seller, his loyalty might be with the seller. Is Beatrice's concern warranted? Although Nate is operating as a single agent for Beatrice, her concerns might still be warranted since compensation representation and loyalty. Beatrice does not need to worry until it is actually determined from whom Nate's compensation will come. Beatrice does not need to worry because compensation does not equal loyalty or an agency relationship. Beatrice's concerns are valid. If she wants Nate to only consider her interests, she should not allow him to receive…
- Mr. Goode and Reticent Bank Limited had entered into a margin lending agreement called a Margin Lending Loan and Security Agreement (LSA). In January 2009, RBL sold to Financial Innovators Bank International Limited (FIBIL) its margin loan book comprising about 18,500 margin loans (including Mr. Goode’s) on which the total amount advanced was approximately US$1.5 billion. The transaction documents under which the sale was made (the transaction documents) were complex and provided for an intermediate sale of the assets to BNY Trust Company Limited (BNY) and an on-sale to FIBIL. As part of the sale process, RBL notified each of its affected borrowers by letter of this transfer of their loans to FIBIL. RBL led evidence at first instance to prove this letter was sent to Mr. Goode on 19 January 2009. Mr. Goode denied receiving it. By the beginning of 2009, Mr. Goode’s investment in listed securities financed through his margin loan consisted of a single stock – units in the Macaripe…Mr. Goode and Reticent Bank Limited had entered into a margin lending agreement called a Margin Lending Loan and Security Agreement (LSA). In January 2009, RBL sold to Financial Innovators Bank International Limited (FIBIL) its margin loan book comprising about 18,500 margin loans (including Mr. Goode’s) on which the total amount advanced was approximately US$1.5 billion. The transaction documents under which the sale was made (the transaction documents) were complex and provided for an intermediate sale of the assets to BNY Trust Company Limited (BNY) and an on-sale to FIBIL. As part of the sale process, RBL notified each of its affected borrowers by letter of this transfer of their loans to FIBIL. RBL led evidence at first instance to prove this letter was sent to Mr. Goode on 19 January 2009. Mr. Goode denied receiving it. By the beginning of 2009, Mr. Goode’s investment in listed securities financed through his margin loan consisted of a single stock – units in the Macaripe…1) We-Assemble, a well-known manufacturer of high-end processors used in mobile phones located in China, concluded a contract for the sale of 10,000 processors with MobliesRus (a manufacturer of mobile phones based in France). The contract stipulates FOB Shanghai (Incoterms 2010) and that delivery must be made on the 3rd of July 2019. During negotiations, MobilesRus had told We-Assemble that it had a very lucrative contract for the sale of mobile phones with a particular company which could only be fulfilled if the processors were delivered on time. MobilesRus however did not mention the exact amount of profit it was going to make from the contract, which was £30,000. We-assemble was unable to produce the goods on time and as a result was only able to make delivery on the 5th of July. On delivery MobilesRus discovered that the goods did not conform to their description under the contract and had a market value of £8000. a) Does the CISG apply? Note: you may assume that under the…